iva divorce and property clause

fatsnacka

hi all

i separated from my wife and i am now divorced , we had a linked iva however we had no joint debts whatsoever
i have owned a property before we met and married and i still own it now in my name alone witch i moved into after divorce

so my question is i year 4 the equity release clause will it just be applicable to my debts or the debts of my ex-wife also

and my iva company have sent me new terms and condition's to sign and im unsure weather to sigh them or not untill i know where i stand on this

the property value is £65000 approx i owe £33000 currently ( this is not a redemption figure)

and im in the 4th year next month

can anyone answer any questions on where i stand and how much im going to have to pay into the iva from the property

thanks in advance

kind regards

andrew

fatsnacka

Dfd is the iva company
I have received the new letter as on the other post ref dfd letter

Anondebtadvisor

If you have the 85% loan to value clause you will be expected to attempt release equity based on these figures.

£65,000 - 85% LTV is £55,250 minus existing mortgage of £33,000 = Equity of £22.500 for potential release into the IVA.

How much debt of yours went into the IVA?

Currently you will be expected to attempt a remortgage which will be nigh on impossible so you will do an additional 12 months of your IVA.

If you sign the letter from DFD and agree to the new 2014 IVA protocol T&Cs you will be expected to get a secured loan which are easier to obtain when in an IVA. Although the secured loan payment can only be the equivalent to 50% of your IVA payment.

fatsnacka

Hi my debts was 12k just over but total iva was 33k due to the wife's debt
I don't think I will sign the new contract then
Surely they won't want 22k from me? ? Will I have to pay for the ex wife's debts also?
Thanks

I pay 120 per month at the moment and my ex wife pays 132
Hope this helps